London Bullion Market Association (LBMA) Sees 10% Higher Gold & 50% Higher Silver Prices in 2023
The London Bullion Market Association held its annual conference in Lisbon, Portugal last month, and members were polled for their outlook on precious metals. These are the world's leading gold miners, refiners and bullion traders from the largest bullion firms in the world.

Specifically, the average forecast of LBMA experts puts gold at just over $1,830 a year from now, about 11% above today's $1,650 area. They see silver at $28.30, up over 50%. LBMA attendees also forecast platinum rising 35% to nearly $1,240 while the formerly hot palladium would rise just 2%, to $2,059. The poll was taken Tuesday, October 18, so here are the prices then, plus their 1-year average projection:

The major reasons for the super-bullish silver outlook include: (1) a widening deficit of global supply vs. demand, depleting silver stockpiles; (2) recent shortages at Mints and fabrication plants, causing premiums of up to $14 per ounce (wholesale); (3) more hoarding, less selling by investors; (4) rising industrial demand in a variety of new uses, including solar panels, and 5 ounces per new electric vehicle; and (5) dislocations in global silver supply chains, especially with China curbing outflows to the rest of world.
 

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